City of London Investment Trust PLC Net Asset Value(s) (1956B)
June 08 2021 - 6:12AM
UK Regulatory
TIDMCTY
RNS Number : 1956B
City of London Investment Trust PLC
08 June 2021
Trust Name THE CITY OF LONDON INVESTMENT TRUST PLC
Legal Entity Identifier 213800F3NOTF47H6AO55
NAV Details As at close of business on 7 June 2021, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial
year revenue items) was 391.4p and the net asset
value per share with debt marked at fair value
was 388.3p.
As at close of business on 7 June 2021, the unaudited
net asset value per share (excluding current
financial year revenue items) was 389.5p and
the net asset value per share with debt marked
at fair value was 386.4p.
Debt marked at fair value is the Company's estimate
of the "fair value" of its senior secured notes.
The current estimated fair value of the Company's
senior secured notes is based on a discount rate
calculated using the redemption yield of the
relevant existing UK Gilt plus a credit spread
determined by the difference in redemption yields
between the ICE BofAML 5-10 Year A Sterling Non-Gilt
Index and the ICE BofAML 5-10 Year UK Gilt Index
for the 4.53% senior secured 2029 notes, and
the spread between the redemption yield of the
ICE BofAML 15+ Year A Sterling Non-Gilt Index
and the ICE BofAML 15+ Year UK Gilt Index for
the 2.67% senior secured 2046 notes and 2.94%
senior secured 2049 notes. The discount rate
is calculated and updated at each month-end and
applied daily to determine the Company's published
fair value NAVs. In addition, evidence of issues
in the private placement market may be taken
into consideration where spreads significantly
diverge from those in the public market.
For further information, Wendy King
please call: Janus Henderson Investors
Telephone: 020 7818 1818
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END
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